I don't think any position is worth more or less, it just checks off a box for a level or it doesn't. It surely checks off a box but there must be other ways to check off boxes that are easier for various reasons.

Baiul really did have the best donut. Arakawa and Nakano too. I am loving the new variation by Sotnikova where her upper body is twisted upwards while in donut position.

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I started to say cecilia college was the first to do it, but hers was more like what you are describing but the head and foot were not so close, so I wasn't sure.
She is one of those given credit for the camel spin so not far fetched that she would have carried it further.

I know Colledge did what I call a catch-foot camel. The donut is a variety of catch-foot camel, but I think of it as specifically being what tech panels now consider a "CS" camel variation (belly button facing side, rather than forward) and with the head, hips, and free foot all in approximately the same horizontal plane, rather than the head and foot being lifted higher than the hips as in a typical catch camel.

Also, ideally, to be considered a "donut" the body should be arched enough to make a circular rather than angular shape.

Baiul made it famous but she had to drop the hip in order to catch the blade and then pull up into the position, to me this indicates a lack of back flexibility that others have demonstrated in the position.

I agree my favorite donut spin is done by Yukari Nakano. The position is beautiful and the speed she maintains is wonderful. http://www.youtube.com/watch?feature=player_detailpage&v=WyPnOtFlcjI#t=179s
(Yukari was an amazing spinner and sometimes I felt like she didn't get enough credit for that. I loved the extension of her leg and the point of her toe, her centering was wonderful and she was able to hit multiple positions without losing speed. This combination spin is incredible: http://www.youtube.com/watch?feature=player_detailpage&v=WyPnOtFlcjI#t=73s - Camel to COE down to a beautiful extension on the sit position, up to a layback, change foot to back sit spin, COE up to catch foot Biellmann (gorgeous extension, plus it took her only one rotation to switch to that position!), and down to back reversed leg spin...and look at the speed and centering! AMAZING!!).

I also really liked this spin of Yuna Kim. That spin went so well with the music and her costume that it looked just ethereal.

I think Alyssa Csizny is one of the best spinners ever, but when she attempts donut spin, it always took very long to grab her blade and her hip would stick out kind of unattractively and it always wondered me why. That is the only spin position of hers that I don't like.

Cecilia's is not donut. It's catch foot camel which is much easier. Donut grabs differently and shoulder rotates toward ear. It's very painful if you don't have good rotation of the shoulder joint and flexible back. Donut mostly done on the back outside edge on right foot. Have never seen one on a left leg for counterclock skaters.